On Thursday, May 7th, ALL branch locations as well as our call center will be closed by 5:00 pm. The call center will reopen on Friday, May 8th at 8:00 am and our branch locations will be open at their regularly scheduled time. Click here to view branch hours and locations.

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San Mateo Credit Union offers an array of deposit accounts to meet your financial goals. Whether you are saving for your first home, college tuition, or retirement, we’ve got just the account for you. And you can rest easy knowing your savings are insured through the National Credit Union Administration (NCUA), an independent agency of the U.S. government.

Whatever your personal preference... whatever stage of life you're in... SMCU has a checking account designed just for you. To ensure that we provide the most appropriate products and services, we have developed checking accounts tailored to a variety of lifestyles and needs:

Checking

Offers access to your account online, by phone or at any branch

Interest Checking

Pays interest if you maintain an average daily balance of $2,500

High-YieldInterest Checking

An average daily balance of $10,000 ensures you will earn a higher interest rate on your account

On interest bearing accounts dividends are paid monthly

To determine which SMCU checking account is best for you, click here to see a side-by-side comparison chart.

Opening a checking account is easy. All you need is an initial deposit of $20, which covers the cost of your first set of checks.

SERVICES AND BENEFITS

SMCU's checking accounts offer the added value of many linked services including our newest benefit ID Pro Select and Identity Theft Restoration Service that protects you and your family members from an identity theft situation. Other benefits include:

SMCU features several options—enhanced by competitive rates—that enable you to save money to meet your specific financial goals.

BENEFITS

Dividend earning account

Free access to SMCU Online (home banking)

Convenient access to your funds: in person, by phone, at ATMs and via Call-24

Free optional overdraft protection for your checking account

No monthly fees or charges*

*$5 monthly service charge if you have a single service membership savings only and the savings balance falls below the minimum of $150

Holiday Club Savings Account Save all year long with great rates.

Exciting and festive – that’s what the winter season is all about. On the flip side, it’s also a time of additional expenses.

To help ensure that you keep the ho-ho-ho in your holidays, SMCU is pleased to offer the Holiday Club Savings Account, a special service exclusively for credit union members. It’s your opportunity to plan, prepare, and save for the holidays while earning dividends higher than a traditional share account.

How the Holiday Club Savings Account Works

Throughout the year, you can make unlimited deposits: a set amount every week or month…a fixed portion of your payroll check…whatever you choose.

Every year on the first business day in November, we will automatically transfer your Holiday Club funds directly into your account. This allows you faster and more convenient access to your money when you’re ready to gear up for gift-giving or any other holiday expenses.

All it takes is a minimum deposit of $25 to open your account.

There are no annual fees.

This is a great way to avoid slipping into debt during the holidays. Use the money for gifts, entertaining, travel, or to enjoy a sun-drenched getaway.

To open your SMCU Holiday Club Savings Account, call Contact Center at (650) 363-1725 or (888) 363-1725, or visit a branch.

Unlike store cards and gift certificates, the Visa Gift Card can be used at millions of locations worldwide—wherever Visa cards are accepted. Purchases can be made at retail stores, online, and by phone—it’s so versatile and convenient. Click here for more information.

Health Savings Accounts

Health Savings Account—HSA
As health insurance premiums continue to escalate, consumers are looking for ways to obtain the coverage they need at a price they can afford. San Mateo Credit Union is pleased to offer a cost-efficient option to help you make your own healthcare decisions: the Health Savings Account (HSA).

The Health Savings Account (HSA) is a tax-advantaged account that features tax-free withdrawals for qualified medical expenses.1

SMCU offers you a flexible Money Market Plus Account that gives you convenient access like a checking account but pays you more as your balance increases. Features include:

Minimum balance to open is $2,500

Daily access to your funds via ATM, Checks, and SMCU Online**

Tiered rates - the more you have on deposit, the more you earn

Dividends are calculated daily and paid monthly

No monthly fees or charges

Get started putting your money to work for you today! To open a Money Market account and start enjoying its many benefits, call Member Services at (650) 363-1725 or (888) 363-1725 or visit the branch nearest you.

Find out how our business accounts make good business sense. Learn more here.

**

6 maximum withdrawal transactions per month include: withdrawal by telephone, through SMCU Online, Call-24, ACH debit, allocation transfers, or you may write a maximum of 3 checks, You may make unlimited withdrawals in person, at ATMs, by written withdrawal request delivered by mail or messenger, or by telephone request to mail a check payable to you at your address on file with us. For complete terms and conditions, refer to the Truth-In-Savings Disclosure & Accounts Agreement.

Certificate Information

SMCU Certificates can be opened with as little as $2,000 for a specified term. Our 9-month Add-on Certificate can be opened with just $500.

BENEFITS

High yields

Choice of terms from three to 60 months*

Dividends earned daily, paid monthly

The longer the term, the higher the rate

To see how fast your savings can grow with an SMCU Certificate, click here to access our Savings Calculators.

Contributions may be tax-deductible, depending on your income and whether or not you have a qualified employer-sponsored retirement plan.

Funds can be withdrawn after age 59-1/2* without a tax penalty.

Distributions must be taken beginning at age 70-1/2.

IRA Conversions to Roth Available in 2010

Starting in 2010, ROTH IRA conversions from traditional IRAs will be available to all taxpayers regardless of income. Under the new law, taxpayers who convert in 2010 can also elect to pay the federal income tax due in two equal installments over the following two years.

ROTH IRA

BENEFITS

Earnings are tax-free.**

Contributions are not tax-deductible.

Contributions may be withdrawn tax-and penalty-free.

Distributions are not required to be taken at age 70 1/2.

COVERDELL EDUCATION SAVINGS ACCOUNT (ESA)

Designed to allow funds to be set aside to cover the future cost of a child's education.

BENEFITS

Deposits must be for a designated beneficiary under the age of 18.

Distributions and earnings are tax-free, provided they are used for qualified education expenses.

Qualified expenses have been expanded to include school costs for kindergarten through higher education.

Almost anyone may contribute, including grandparents

SIMPLIFIED EMPLOYEE PENSION PLANS (SEPs)

A SEP plan enables self-employed individuals to set up a plan for themselves, and allows businesses to provide a retirement plan to employees. A SEP features a greater contribution-and therefore a larger deduction-than an IRA.

Under the terms of a SEP plan, an employer may contribute a percentage of an employee's income up to a specific amount. These contributions are deposited directly into the employee's Traditional IRA.
SEP contributions are excluded from your income if they fall within the limits for maximum contributions. Your employer can provide you with a copy of the contribution agreement that describes the eligibility for determining who qualifies for a SEP.

To learn more about SEP eligibility and contribution limits, please check with your tax advisor. When you are ready to set up an account, please call Member Services at (650) 363-1725 or
visit the branch nearest you.

* Check with your tax advisor regarding any withdrawals before age 59-1/2.
**Earnings may be withdrawn only if they satisfy a five-year waiting period AND any one of the following criteria is met: reaching age 59-1/2, disability, first-home purchase, or death (as payment to beneficiaries).
APY = Annual Percentage Yield

Youth Accounts and Student Package

Most children think of money as a magical substance that never runs out. As a parent, you know the truth, and you know how necessary it is that your children learn the importance of earning and saving money. At SMCU, we’re here to help you instill fundamental money management skills that will lay a foundation for life. Best of all, we keep things lively and fun, with special programs and activities geared to our young members.

Youth Savers

If your child thinks spending money is fun, wait until they have a SMCU Youth Savers account and start saving. Just for kids ages 17 and under, a Youth Savers account gives your kids a place to save money for something they really want — like a new bike, a cool new video game or something else they can’t afford just yet. Record books are available so your child can watch his or her savings grow. And if your child saves $250, a Youth Certificate can be opened up letting him or her earn higher interest on the money. Kids and teens alike will be amazed how fast a little bit of money saved can add up.

Student Package

Designed for young adults ages 13-17, our Student package is a stepping stone to independent financial management. As kids grow into teens and start to earn money, it’s important to reinforce the importance of savings and smart money management. Our Student package offers a variety of other products and services including: Free Checking with a Student Debit Card, online access, mobile banking, and Student Visa®. Educational materials are available to help them learn about responsible money-management techniques. And, when the time is right, they will become full-fledged, money-wise SMCU members — just like their parents.

Do you have a High School Senior heading off to college?Click here to find out more information about SMCU’s 2013 Educational Scholarship.